The consortium of the Morgan Stanley Real Estate Fund IV International limited partnership, Goldman Sachs' Whitehall Fund and US-based investor Simon Glick has offered 220p per share for existing Canary Wharf shares plus equity in a new company set up to develop the remaining land in the Docklands estate, valued at 35p per share.
Analysts had expected offers of between 260p and 300p per share, and Reichmann had been angling for as much as 320p per share, with the threat that if other bidders could not match this price he would make his own offer to take the company private again. But the involvement of Glick, a key Reichmann associate who owns 15% of Canary Wharf, in the Morgan Stanley consortium could limit Reichmann's room for manoeuvre.
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